Johanna Dow, Finance Director, Business Stream explains as to why the leading supplier of water and waste water services has increased operational efficiency and has created better value for its customers. By implementing Twinfield’s online accounting software, the organisation has achieved flexibility in its financial reporting throughout the business’ life-span to date.

When selecting a finance system, Twinfield stood out to us as providing the most value for money. One feature it offers is real-time management information through a web-browser. As we don’t have a large in-house IT team, Twinfield was the most cost-effective option, as there are no hardware, hosting or other costs involved.

A cloud-based solution that could meet our business needs was also something which we were keen on as we already had other cloud-based systems within the organisation, and Twinfield’s online accounting solution slotted very well into the ecosystem.

After the initial implementation in 2008; which was very successful and on time; we used the system for purchase-to-pay processes and general ledger. However since the implementation we have actually gone on to achieve significant benefits through other functionality. Over the years we’ve increased our use of the Twinfield system adding different functions due to its flexibility and low cost.

Our previous system was painstakingly complicated and required us to manually print and scan payments whereas Twinfield’s bank statement function allows these to be uploaded directly.

Because of this, using Twinfield has made us more efficient; giving us the capability to provide a more valued and quality service to our customers.

Crucially, as our business has grown and evolved, Twinfield has been flexible in response to any new needs we’ve had throughout the business life-span.

How Twinfield UK’s partnership with Promotional Office is helping businesses in the Promotional Merchandise Industry

Alistair Mylchreest, CEO, Promotional Office tells us about their recent partnership with Twinfield UK, how it has been received by their clients, and how the two systems, integrated together, will assist customers and clients in managing their businesses better.

Having launched our Promotional Office Software a year ago, a cloud-based ERP & CRM business management system, the response has been very positive. The only function we didn’t provide to our clients was an online accounting package. As our brand in the Netherlands had previously partnered with Twinfield in the Netherlands too, it seemed like a perfect match as we trusted the Twinfield system.

As both of our solutions are cloud-based, they work ideally together. Twinfield’s online accounting system integrates seamlessly with our Promotional Office solution and can be implemented straight ‘out of the box.’

The benefits that users will achieve include increased efficiency, a streamlining of processes and reduced costs.

Since the solution launched in March, numerous customers have already begun using the joint solution and we hope to welcome many more to the service in the near future.

The relationship we’ve developed with Twinfield so far has been great. They were very open on working with us on a solution that would enhance our existing offering. They are good people and we are very much looking forward to working with them further in the future.

Finance Director, Stuart Goldblatt of Fourth, a leading provider in hospitality management systems, focused on labour and inventory management tells us how leaving a legacy, office based package and joining the cloud with Twinfield has changed the business for the better.

Following a rapid increase in business since 2011, and our acquisition of US-Based, Adaco, we saw a dramatic increase in our global footprint, especially across the Middle East and Asia. Our customers range from global restaurant, club and bar chains to five-star hotel groups such as Starwood and Jumeirah.

Because of this, our previous legacy, office-based accountancy package simply wasn’t sufficient for our needs any longer. This led us to reach out in search for a cloud-based accounting solution.

We knew, as an organisation that provides cloud services globally and is focussed on progression, that the importance of our own accounting package being up to date was paramount. We began the search for a system that was designed for what we required and was flexible to our needs. We found the right fit, and that right fit was Twinfield.

In November 2011, we implemented Twinfield in the UK, and due to its success, we are planning on introducing the solution stateside in the near future.

The success has been down to numerous benefits we have discovered since implementing Twinfield. In terms of usability, easy access, multiple users and hierarchies as well as it being highly secure are the main advantage.

We have saved a considerable amount of time due to the solutions ability to predict recurrent transactions which makes updating data a far smoother process.

One of the key elements in our process to selecting Twinfield was the solutions ability to be integrated with our Enterprise Resource Planning (ERP) system. Our team can now use this combination for invoicing, debtor management and general month-end reporting.

This integration was really important to our business and it has certainly delivered significant efficiency gains and is saving labour, time and money.

Take a closer look at the benefit of Twinfield for Business by clicking here.

Leading receipt and invoice processing service provider Receipt Bank joins forces with Twinfield

Receipt Bank integrates with Twinfield to minimise the time it takes accountants, bookkeepers and SMEs to enter invoices and receipts into accounting systems, improving efficiency and enabling innovation in service provision

Receipt Bank, a provider of an award-winning receipt and invoice processing service, has partnered with Twinfield, Wolters Kluwer’s online accounting business. Receipt Bank’s existing functionality will now integrate with Twinfield’s accounting solution to help accountants and bookkeepers improve efficiency and enhance the service that they can offer to their respective clients.

Receipt Bank provides services to accountants and bookkeepers around the world. The technology allows users to scan a receipt; be it via a smartphone camera or a standard printer/scanner, which is then uploaded to the users’ Receipt Bank account. The scan saves the data from the receipt, along with a physical image of the receipt, which can then be published or sent to Twinfield’s online accounting system as a PNG file.

The application, which can be accessed from most smartphones, including iPhone and Android, allows for users to conduct bookkeeping and accounting services whilst on the move; saving time and improving efficiencies. Additionally, the system allows for the client to keep a digital copy of the receipt if required, for their own records.

Tosca Hoefer, account manager, Receipt Bank commented: “The benefits of Receipt Bank will be of great use to Twinfield users. The main benefit being that users who don’t currently offer a bookkeeping service to their clients, will gain the capability to do so, simply and easily. Previously firms may have avoided offering this service due to the time-consuming nature of data entry, as well as the possibilities of human error; our technology resolves these barriers.”

“In addition, though, the time saved by accountants and bookkeepers will become valuable time that can be used instead to offer additional, innovative and value-added services such as account management and analysis. Our technology aims to save accountants and bookkeepers one hour per week per client, which is invaluable in today’s market.”

Tosca Hoefer explains: “It’s been a complete pleasure to work with Twinfield. Everyone I have encountered has been extremely helpful. It’s been great to work alongside a team that was highly motivated in getting the Twinfield-Receipt Bank integration off the ground.”

Barbara Kroll, managing director, Twinfield UK, said: “The addition of Receipt Bank to our already growing list of partners is one that we are extremely pleased about. At Twinfield we are delighted to be able to offer our clients yet another solution which can help to streamline processes, drive efficiency and enable the provision of new value-added services.”

“If you always do what you’ve always done, you’ll get what you’ve always got.”

The famous words of Henry Ford and Albert Einstein remain resonant today. But in the world of business accounting, they’re only partially true. In a competitive market where regulatory change has led to a reduction in audit work and downward pressure on price, if you always do what you’ve always done, you’re likely to be going backwards. It’s quite literally the law of diminishing returns. To progress, businesses need to look at adding value; to dare to change, innovate or die.

A recent CIPD report claims that many UK organisations are not keeping up with the pace of change, and that radical action is required to avoid companies being overtaken by more nimble, insurgent competitors. So why are so many organisations happy to stay right where they are, and keep doing what they always do? The answer: fear of change. But the approach is stifling growth.

The most effective growth driver in the next decade will almost certainly be technology. How businesses harness the digital age will determine whether they accelerate growth, or terminally decline. Whether you’re an accounting practice, a large corporate or medium-sized organisation, the challenge is ubiquitous: how do you align for growth?

Ahead with the Cloud

Cloud-based accounting, using software as a service, can help transform the practice/client dynamic – and cement new value-added models for efficiency, profitability and growth.

For accounting practices, a reliance on traditional compliance and audit work may no longer be enough; a mindset shift is required. Compliance work is a necessary evil, but it doesn’t add value to a client’s business. It’s time to be entrepreneurial. Practices should consider extending the services they offer; could you provide back office services such as bookkeeping, or help process bill payments? Could you extend your portfolio to offer cash-flow forecasting, help with refinancing or the management of operational risk? Could you become a Virtual FD? Or could you provide software-as-a-service to help reduce pressure on your clients by automating processes whilst generating valuable, accessible data that can inform future growth strategies?

Cloud-based accounting systems help businesses become forward-looking, rather than reactive and ponderous. And they are much easier to implement than traditional software.

Margins and marginal gains

The perceived headache of change is a red herring; change can be broken down into incremental, manageable phases. A good partner will not only sell you the technology, they’ll work with you to develop a comprehensive implementation plan that minimises disruption, engages all stakeholders and transforms your business model.

The most successful companies are those where senior decision-makers are not content to stand still, but have the entrepreneurial desire to diversify, explore new opportunities and drive growth. Don’t fear change; embrace it.